The government has said it will introduce a collective action clause (CAC) to enforce losses on bondholders who refuse to take part in the voluntary debt writedown deal
21 Feb 2012
Private bondholders have pledged "strong participation" in the bailout deal agreed for Greece, Charles Dallara, managing director of the Institute for International Finance (IIF), said on Tuesday.
The IIF, a global association of financial institutions, has been representing private bondholders in discussions on Greece.
Fitch has downgraded Greece to C' from 'CCC', a move widely expected after the country said it may enforce losses on bondholders who do not voluntarily sign up to a debt swap plan accompanying its EU/IMF-approved bailout
Permanent supervision by troika staff will ensure that the government abides by its commitments under the terms of the second bailout agreed by eurozone finance ministers in Brussels on Tuesday
A key stumbling block in the long-delayed decision on a writedown of Greek debt is the role of the "official sector" (OSI) among Greece’s creditors (ECB, EU, IMF) in the debt writedown
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